Ecuador expects to increase its crude production by 8% by the end of the year, to around 530,000 barrels per day (bpd), Energy Minister Juan Carlos Bermeo said, which could help the Andean nation – which faces problems of liquidity- to recover from a recession.
In the long term, the government of recently inaugurated President Guillermo Lasso will seek to double production to about one million bpd, for which it is analyzing an investment of about US $ 14 billion, Bermeo added in an interview on Wednesday with Reuters.
Production growth will have a transformative impact on the Ecuadorian economy, but the plan would face obstacles ranging from limited pipeline capacity to opposition from local communities and environmentalists.
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